Cable guards are utilized in compound archery bows when the cable and bowstring are too closely spaced laterally to permit the free passage of an arrow. The cable guard separates the cables and bowstring so that the arrow may pass therebetween. One such cable guard is disclosed in U.S. Pat. No. 5,718,213, "Swing Arm Cable Guard", wherein the applicant is a co-inventor. This patent discloses a cable guard including a support member having a swing arm pivotally connected thereto at an angle. A cable retaining means having two bores therein for retaining the cables is pivotally mounted on the other end of the swing arm. The angle between the support member and the swing arm is such that when the bow is drawn, the distance between the cables, which are contained in the cable retaining means, and the plane of the bowstring travel, is less than the distance between the cables and the plane of bowstring travel when the bow is at rest. Since the cables are closer to the plane of bowstring travel when the bow is drawn, the cables and bow limbs are less stressed when the bow is drawn. The cable guard retaining means may not be adjusted to change the distance between the cable guard retaining means and bowstring.